Discussion in 'Strategy Development' started by showtime23, Feb 1, 2003.
I am fairly new to trading and I was wondering what your opinions of sniper tading was.
I don't enjoy it because it's hard enough to focus on the charts while someone is taking potshots at you.
Would this be something like having your hand on the sell key while your buddy takes potshots at a corporate board meeting?
I read that book, not bad, would rec if you were interested in learning more. (Plus theres a workbook), but I never got it.
I read both Sniper Trading and the workbook. I found it to be quite helpful. In fact I actually took the entire system and built a spreadsheet to test and trade the system - which I did in simulation for about two months last year - trading S&P Emini's. While two months (9/02- 10/02) may not be long enough to truly evaluate any system - the system produced good results. Of course it's swing trading so there were clearly days with steep drawdowns, but some impressive winners too. As I say - 2 months was interesting but hardly a solid evaluation.
Just yesterday I dug out my old spreadsheets and plugged in a NASDAQ stock I'm trading intraday. I'll let you know how it goes if you like.
Overall, if you're new to trading (like I was when I read it) Sniper Trading presents some excellent market insight - especially applicable to the Mini's. Angell is a solid trader with some loyal and exceptionally successful fans (Linda Raschke for one).
Don't be distracted by anyone who brings up Angel's association with an SEC investigation of a prior book/system to discredit Sniper. If you're interested you can search these thread and do your own background reading - but you'll find it's really unrelated.
As in almost all books on trading there is a kernel of valuable knowledge or wisdom surrounded by a good deal of superfluous packaging. I can't endorse Sniper as a trading system, but I can say the book taught me a lot about market dynamics.
Forgot to mention :
There are a few really bad typos in BOTH the book and workbook - in the formulas of all places !! Be careful.
I called and wrote to the publisher, Wiley to inform them but got no response. Beware of errors in ALL Wiley Trading books! I've found them in others as well.